Daily Markets - Financial News & Opinions

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• Strong Earnings Growth Unlikely
• Good News For Celgene
• Limited Brands Seems Limited
• Daily ETF Roundup: JJC, UNG Surge
• ZOLL Downgraded To Neutral
• Cartoon: Underwater Mortgage Rescue
• The Daily Reckoning 2009 Financial Darwin Awards
• Video: NYSE Closing Bell Market Monitor: MRK, BAC
• Fitch Uplifts Ford Rating
• Budget Deficit Rises…But Why?
• Hartford Doubles Earnings Outlook
• CRM Issues Convertible Notes
• The Future Of Silver Investing
• XL Capital Headed For Clover
• Plug Your Portfolio Into The Growing Fuel Cell Market
• Beige Book Better
• Video: 01/13 FX Options Report
• Brightpoint Wins Nexus One Deal
• Exxon Steps To Offshore Black Sea
• Banking On Power And Fed Profits
• Monsanto Signs Licensing Deal
• IBM Keeps Atop U.S. Patent List
• What Recession, Mate? As British Retail Sales Surge In December, Is The Recession Ending?
• Let Hype Take A Bite Out Of Apple Shares Before You Buy
• SurgiVision IPO To Boost DARA
• The Blueprint For The Auto Industry’s Revival: Detroit Needs To Reinvent Its Wheels
• MBIA Downgraded To Underperform
• Steve Meizinger On “Back To Basics For FX Options - Part I” Part 1
• Steve Meizinger On “Back To Basics For FX Options - Part I” Part 2
• Steve Meizinger On “Back To Basics For FX Options - Part I” Part 3
• Steve Meizinger On “Back To Basics For FX Options - Part I” Part 4
• Steve Meizinger On “Back To Basics For FX Options - Part I” Part 5
• Steve Meizinger On “Back To Basics For FX Options - Part I” Part 6
• Steve Meizinger On “Back To Basics For FX Options - Part I” Part 7
• Steve Meizinger On “Back To Basics For FX Options - Part I” Part 8
• John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 1
• John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 2
• John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 3
• John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 4
• John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 5
• John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 6
• John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 7
• John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 8

Strong Earnings Growth Unlikely Posted: 13 Jan 2010 03:00 PM PST The depression continues. The broadest measure of unemployment – U6 – now stands at more than 17%. The bad labor news last week didn't seem to bother investors. They're all monetarists, optimists, or delusionists. They figure that the jobs picture will keep the Fed from raising rates…and that the low interest rates will keep stocks moving up. They are wrong. Well, they are right about the first part and wrong about the second. The Fed will not raise rates anytime soon. But it takes … [visit site to read more]

Good News For Celgene Posted: 13 Jan 2010 02:49 PM PST Yesterday, Celgene Corporation (CELG) announced that its cancer drug Revlimid met the main goal in a randomized, double-blind, multi-center late-stage study (IFM 2005 02). The study, sponsored by the Intergroupe Francophone du Myelome and University Hospital of Toulouse, evaluated Revlimid compared to placebo in patients suffering from multiple myeloma (MM) who had undergone an autologous stem cell transplant. The data was evaluated by an independent data and safety monitoring … [visit site to read more]

Limited Brands Seems Limited Posted: 13 Jan 2010 02:33 PM PST We have recently initiated coverage on Limited Brands Inc. (LTD), a specialty retailer in the United States, with a Neutral recommendation and a target price of $20, as we anticipate it to perform in-line with the industry. Based in Columbus, Ohio, the company sells women's intimate and other apparel, beauty and personal care products, home fragrance products and accessories. The company sells its merchandise through specialty retail stores, which are primarily mall-based, and through its … [visit site to read more]

Daily ETF Roundup: JJC, UNG Surge Posted: 13 Jan 2010 02:23 PM PST While the fallout from the massive earthquake in Haiti dominated the headlines on Wednesday, there was plenty of action on Wall Street as well for investors to digest. Heads of major financial institutions testified before Congress, admitting mistakes that caused and exacerbated the financial crisis while defending the pay policies that have sparked outrage across the country. Google's threat to pull out of China hurt local markets, while a positive report from the Fed's beige book gave … [visit site to read more]

ZOLL Downgraded To Neutral Posted: 13 Jan 2010 02:15 PM PST We have downgraded ZOLL Medical Corporation (ZOLL) to Neutral from Outperform with a price target of $29.50. Even though we are pleased with the company's significant international presence — which coupled with its wide range of products also drive growth – the intense competition confronting its products concern us. Furthermore, ZOLL's strategy of growth by acquisition has inherent risks. Headquartered in Chelmsford, Massachusetts, and founded in 1980, ZOLL Medical Corporation … [visit site to read more]

Cartoon: Underwater Mortgage Rescue Posted: 13 Jan 2010 02:01 PM PST Source: Jeff Parker, Comics.com, January 8, … [visit site to read more]

The Daily Reckoning 2009 Financial Darwin Awards Posted: 13 Jan 2010 02:00 PM PST When one thinks of today's modern financial system, phrases like "survival of the fittest" hardly spring to mind. We're more likely to recall imbecilic idioms like "too big to fail" or "zombie bank" instead. As Bill kindly noted in a reckoning from last week, the nation's flagship automotive company and its largest insurer are now custodians of the not-so-almighty state. It's more like "preservation of the weakest" than anything Sir Charles had in mind; a kind of … [visit site to read more]

Video: NYSE Closing Bell Market Monitor: MRK, BAC Posted: 13 Jan 2010 02:00 PM PST The latest in news, commentary, and information on what’s moving the US equities markets. … [visit site to read more]

Fitch Uplifts Ford Rating Posted: 13 Jan 2010 01:58 PM PST Fitch Ratings has upgraded Ford Motor Company's (F) and Ford Motor Credit’s issuer default ratings to speculative grade of "B-" –- viewed as “may default” –- from "CCC.” The upgrade was based on improved market conditions as well as on Ford's enhanced product competitiveness and better financials. Ford returned to profitability in the third quarter of the year by posting a net income of $873 million or 26 cents per share, easily clearing the Zacks Consensus Estimate loss of 15 … [visit site to read more]

Budget Deficit Rises…But Why? Posted: 13 Jan 2010 01:42 PM PST The budget deficit in December was $91.9 billion — up from $51.8 billion a year ago, but down from $120.3 billion in November. These numbers are highly seasonal, so the year-over-year comparison is the more important of the two. In November, the Deficit was actually lower than a year ago when it was $125.2 billion. We are now three months into the federal government's 2010 fiscal year, and so far the deficit is $388.5 billion — an increase of $56.0 billion or 16.8% from the budget deficit … [visit site to read more]

Hartford Doubles Earnings Outlook Posted: 13 Jan 2010 01:31 PM PST The Hartford Financial Services Group Inc. (HIG) has doubled its earnings outlook for the fourth quarter of 2009, primarily based on lighter catastrophes, sturdy performances of its property and casualty operations and favorable reserve development from prior years across several lines. Hartford announced yesterday that it expects fourth quarter core earnings per share to range between $1.45 and $1.60, compared to its previous guidance of 65 cents to 80 cents. Hartford experienced strong … [visit site to read more]

CRM Issues Convertible Notes Posted: 13 Jan 2010 01:13 PM PST Cloud computing major Salesforce.com (CRM) recently announced that it has completed the pricing process of the principal amount of the $500 million convertible notes, due for redemption in 2015. The company has made a private placement to qualified institutional buyers. January 19, 2010 is the cut-off date for the completion of initial purchases. For every $1000 of principal amount of notes, the investor will get 11.7147 shares of common stock. The notes carry semiannual interest at the rate … [visit site to read more]

The Future Of Silver Investing Posted: 13 Jan 2010 01:00 PM PST Silver jumped out of the gate to begin 2010 with a flying start. It climbed a remarkable 9.7% in this year's first week of trading to end the week at $18.45. From its $8.79 low barely fourteen months ago after the de-leveraging and mass liquidation of assets resulting from the Lehman Brothers collapse, silver has climbed an astounding 110%. But the upside fireworks have hardly begun. I believe there exists the real possibility of a short squeeze in silver this year or in 2011. That short … [visit site to read more]

XL Capital Headed For Clover Posted: 13 Jan 2010 12:55 PM PST Insurance and reinsurance group XL Capital (XL) yesterday announced its intention of shifting its place of incorporation to Ireland from the Cayman Islands. The company has had significant operations in that country and has grown them in recent years. XL Capital would change its name to XL Group but will keep trading on the New York Stock Exchange under the existing ticker symbol "XL.” The company will continue with its registration under the U.S. Securities and Exchange Commission (SEC) … [visit site to read more]

Plug Your Portfolio Into The Growing Fuel Cell Market Posted: 13 Jan 2010 12:43 PM PST With so much focus on saving the earth's resources these days, scientists have proposed one alternative after another to take the place of polluting gas turbines, power plants, gasoline engines and standard batteries… and they might have finally found a viable solution in fuel cell technology. According to HowStuffWorks.com: "Combustion engines like the turbine and the gasoline engine burn fuels and use the pressure created by the expansion of the gases to do mechanical work. Batteries … [visit site to read more]

Beige Book Better Posted: 13 Jan 2010 12:38 PM PST The Federal Reserve released its collection of largely anecdotal information from the 12 Federal Reserve Districts today. It painted a somewhat more upbeat picture of the economy than it did in the report last month, continuing a pattern of gradual improvement that started last summer. Here is a summary of the report: "Reports from the twelve Federal Reserve Districts indicated that while economic activity remains at a low level, conditions have improved modestly further, and those … [visit site to read more]

Video: 01/13 FX Options Report Posted: 13 Jan 2010 12:34 PM PST The USD and JPY traded lower against the major currencies. The latest U.S. employment report may continued to weigh on the USD. … [visit site to read more]

Brightpoint Wins Nexus One Deal Posted: 13 Jan 2010 12:26 PM PST Recently, Brightpoint Inc. (CELL) received a shot in the arm as it has struck a deal to globally distribute the latest Android-based smart-phone, the "Nexus One.” Nexus One is Google Inc's (GOOG) first smart-phone developed by HTC Corp. of Taiwan. Brightpoint is the first company to officially secure rights from HTC for distribution and logistics related to Nexus One. Brightpoint has an existing global partnership with HTC Corp. We believe this contract win is critical for … [visit site to read more]

Exxon Steps To Offshore Black Sea Posted: 13 Jan 2010 12:09 PM PST ExxonMobil Corporation (XOM) and Petrobras (PBR) through their affiliates entered into an agreement with Turkish National Oil Company, Türkiye Petrolleri Anonim Ortaklığı (hereafter, TPAO) to explore hydrocarbons in the deepwater Black Sea offshore Turkey. As per the agreement, Exxon and Petrobras will each have a 25% stake in the Sinop, Ayancik and Çarsamba sub-blocks of the AR/TPO/3922 exploration license. TPAO holds the remaining 50% interest. This agreement covers approximately 7.4 … [visit site to read more]

Banking On Power And Fed Profits Posted: 13 Jan 2010 12:00 PM PST What's the news? The Dow fell a little – off 36 points. Oil traded at $80. And gold dropped $22, to close at $1,129. Nothing unusual. But poor Mr. Obama… He seemed like a nice enough fellow. More and more people seem to be mad at him. What went wrong? It looks to us that he has been completely captured by America's two most special interests – Wall Street and the Pentagon. Maybe he was their man from the get-go; we don't know. Yesterday, he announced that he was going to squeeze … [visit site to read more]

Monsanto Signs Licensing Deal Posted: 13 Jan 2010 11:52 AM PST Monsanto Company (MON) and Limerick, Ireland-based biotechnology firm Stokes Bio Limited entered into a licensing agreement and R&D collaboration. Under the agreement, Monsanto has exclusive rights to Stokes Bio’s patented technology for use in agriculture. In-plant breeding, genotyping — or gene analysis — is used to identify seeds or plants with the most desirable characteristics, such as better yield or disease resistance. Currently, Monsanto's gene analyses are limited by the … [visit site to read more]

IBM Keeps Atop U.S. Patent List Posted: 13 Jan 2010 11:34 AM PST International Business Machines Corp. (IBM) announced that it has been granted the highest number of U.S. patents than any other company in 2009. IBM received 4,914 U.S. patents in 2009, the highest for the 17th consecutive year, outperforming other innovative companies, according to IFI Patent Intelligence. This shows that IBM is the leader in the Software, Services and Storage business. With an investment of over $6.0 billion in R&D, IBM invests in differentiating technologies offering … [visit site to read more]

What Recession, Mate? As British Retail Sales Surge In December, Is The Recession Ending? Posted: 13 Jan 2010 11:27 AM PST by Martin Denholm, Senior Editor, Investment U So much for the British recession. Figures just released from the British Retail Consortium (BRC) show that consumers shook off the country's economic woes, plus a projected cutback in personal spending, and handed retailers an unexpected Christmas gift. Retail sales jumped by 6% in December – the best results for that month since December 2005. Same-store sales rose by 4.2%. Of course, those figures look better when compared to the awful … [visit site to read more]

Let Hype Take A Bite Out Of Apple Shares Before You Buy Posted: 13 Jan 2010 11:23 AM PST I hate to disagree with my colleague, Dave Fessler, especially when I agree with several of the points he made in his latest article, but steering clear of Apple Inc. (AAPL) seems like the safe thing to do right now. Don't get me wrong: I think Apple is a great company. And unlike my fellow columnist, Tony Daltorio, I don't foresee iPod, iPhone or App Store competitors stealing any significant business from them anytime soon. Apple's innovative track record shows clearly how well the … [visit site to read more]

SurgiVision IPO To Boost DARA Posted: 13 Jan 2010 11:20 AM PST DARA to Receive Big Cash Infusion from SurgiVision IPO SurgiVision Files S-1 For IPO… On December 23, 2009, DARA BioSciences (DARA) received notification from privately-held SurgiVision that the company had filed a Registration Statement with the SEC for an Initial Public Offering (IPO). SurgiVision has retained Rodman & Renshaw, LLC as the lead banker on the deal. As of December 23, 2009, DARA held approximately 2.2 million shares of SurgiVision (at a cost basis of $1/share) and 0.4 … [visit site to read more]

The Blueprint For The Auto Industry’s Revival: Detroit Needs To Reinvent Its Wheels Posted: 13 Jan 2010 11:17 AM PST This analysis is from Martin Denholm, Senior Editor, Investment U Well, it was only a matter of time before it happened – and it's not surprising that it did in 2009. Profiting from the economic mess and soaring unemployment in the United States, plus the bankruptcy of two of Detroit's "Big Three" automakers, China surpassed the U.S. as the world's top-selling auto market last year. The 13.6 million vehicles sold in China easily beat out the 10 million sold in the U.S., thanks … [visit site to read more]

MBIA Downgraded To Underperform Posted: 13 Jan 2010 11:17 AM PST We are downgrading our recommendation on the shares of MBIA Inc. (MBI) to Underperform as macroeconomic conditions continue to contribute to losses on the group's structured finance products. MBIA insures mortgage-backed securities backed by subprime mortgages. MBIA also has an indirect exposure to subprime mortgages that are included in collateralized debt obligations (CDOs), in which the company has guaranteed the senior most tranche of such transactions. There has been considerable … [visit site to read more]

Steve Meizinger On “Back To Basics For FX Options - Part I” Part 1 Posted: 13 Jan 2010 05:54 AM PST Join Steve Meizinger, Director of Education at the ISE, as he provides an options refresher specifically geared toward FX traders. … [visit site to read more]

Steve Meizinger On “Back To Basics For FX Options - Part I” Part 2 Posted: 13 Jan 2010 05:53 AM PST Join Steve Meizinger, Director of Education at the ISE, as he provides an options refresher specifically geared toward FX traders. … [visit site to read more]

Steve Meizinger On “Back To Basics For FX Options - Part I” Part 3 Posted: 13 Jan 2010 05:52 AM PST Join Steve Meizinger, Director of Education at the ISE, as he provides an options refresher specifically geared toward FX traders. … [visit site to read more]

Steve Meizinger On “Back To Basics For FX Options - Part I” Part 4 Posted: 13 Jan 2010 05:51 AM PST Join Steve Meizinger, Director of Education at the ISE, as he provides an options refresher specifically geared toward FX traders. … [visit site to read more]

Steve Meizinger On “Back To Basics For FX Options - Part I” Part 5 Posted: 13 Jan 2010 05:50 AM PST Join Steve Meizinger, Director of Education at the ISE, as he provides an options refresher specifically geared toward FX traders. … [visit site to read more]

Steve Meizinger On “Back To Basics For FX Options - Part I” Part 6 Posted: 13 Jan 2010 05:49 AM PST Join Steve Meizinger, Director of Education at the ISE, as he provides an options refresher specifically geared toward FX traders. … [visit site to read more]

Steve Meizinger On “Back To Basics For FX Options - Part I” Part 7 Posted: 13 Jan 2010 05:48 AM PST Join Steve Meizinger, Director of Education at the ISE, as he provides an options refresher specifically geared toward FX traders. … [visit site to read more]

Steve Meizinger On “Back To Basics For FX Options - Part I” Part 8 Posted: 13 Jan 2010 05:47 AM PST Join Steve Meizinger, Director of Education at the ISE, as he provides an options refresher specifically geared toward FX traders. … [visit site to read more]

John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 1 Posted: 13 Jan 2010 05:46 AM PST Join John Netto, President of One Shot - One Kill Trading, as he discusses ways investors can take advantage of opportunities in the currency markets. … [visit site to read more]

John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 2 Posted: 13 Jan 2010 05:45 AM PST Join John Netto, President of One Shot - One Kill Trading, as he discusses ways investors can take advantage of opportunities in the currency markets. … [visit site to read more]

John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 3 Posted: 13 Jan 2010 05:44 AM PST Join John Netto, President of One Shot - One Kill Trading, as he discusses ways investors can take advantage of opportunities in the currency markets. … [visit site to read more]

John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 4 Posted: 13 Jan 2010 05:43 AM PST Join John Netto, President of One Shot - One Kill Trading, as he discusses ways investors can take advantage of opportunities in the currency markets. … [visit site to read more]

John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 5 Posted: 13 Jan 2010 05:42 AM PST Join John Netto, President of One Shot - One Kill Trading, as he discusses ways investors can take advantage of opportunities in the currency markets. … [visit site to read more]

John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 6 Posted: 13 Jan 2010 05:41 AM PST Join John Netto, President of One Shot - One Kill Trading, as he discusses ways investors can take advantage of opportunities in the currency markets. … [visit site to read more]

John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 7 Posted: 13 Jan 2010 05:40 AM PST Join John Netto, President of One Shot - One Kill Trading, as he discusses ways investors can take advantage of opportunities in the currency markets. … [visit site to read more]

John Netto On “Balancing Volatility Across Asset Classes In 2010″ Part 8 Posted: 13 Jan 2010 05:39 AM PST Join John Netto, President of One Shot - One Kill Trading, as he discusses ways investors can take advantage of opportunities in the currency markets. … [visit site to read more]

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